For insurance to engage this way, the agent and relationship must be significantly more involved in the customer’s goals for their insurance coverage. That requires local presence and less of the traditional insurance agent “order-taker” role.
Insurance is big business. Life insurance in the US alone amounts to a total value of life direct premiums of US$ 552.51 billion by a total of more than 800 companies. It’s also a business that seems like a natural match for big data applications, as some of its core functions like estimating customer value and using various channels to reach out and interact with them can be tied in to a multitude of data points and produce yet more data to be fed back into the process.